Which of the following bodies is entrusted with the statutory responsibility of regulating and developing micro, small, and medium enterprises credit institutions through refinancing mechanisms in India?

💡 Solution & Explanation

The Small Industries Development Bank of India was established under an Act of Parliament in 1990 as the principal financial institution for promoting, financing, and developing the micro, small, and medium enterprise sector. It coordinates the functions of other institutions engaged in similar activities. National Bank for Agriculture and Rural Development focuses primarily on agriculture and rural development financing.